Italian ministers and European Union officials gave a cool reception to a proposal by Matteo Renzi that Italy flout the EU’s fiscal rules for the next five years. Renzi, proposed Italy should run a stable budget deficit of 2.9 percent of gross domestic product for five years instead of trying to lower the deficit towards zero. Source Reuters
Saudi Arabia’s National Water Co. is seeking financial advisers to arrange the sale of parts of the country’s water distribution network, according to people familiar with the matter. Source Gulf News
The ‘Joint Sea 2017’ drills of the Russian and Chinese naval forces have begun the first stage of major exercises, marking the first time they have taken place in Europe. Source RT
The International Monetary Fund late on July 20 approved a one-year, $1.8 billion loan program for Greece but will not release any funds until the eurozone agrees on a debt relief plan, in a highly unusual compromise step. Source: Daily News
